Amazon Great Indian Festival 2020 - Electronics
Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Amazon Great Indian Festival 2020 - Electronics
Stock Report

| More

KNR construction Ltd successfully completed sale of KNR Walayar Tollways Pvt Ltd to Cube Highways

Posted On: 2020-09-29 03:13:25

KNR Constructions Ltd, a dominant infra sector player, successfully completed its 100% sale of KNR Walayar Tollways Private Limited to Cube Highways and infrastructure III Pte Ltd, a Singapore-based company investing in road and highway projects, in which I Squared Capital and a wholly owned subsidiary of the Abu Dhabi Investment Authority are shareholders.

KNR Walayar Tollways Private Limited (the 'Company') is a Special Purpose Vehicle ("SPV") promoted by KNR Constructions Limited ('KNR').

The Company has entered into a Concession Agreement with National Highway Authority of lndia ("NHAI") for Design, Build, Finance, Operate and Transfer (The "DBFOT") from KM 182.250 to KM 240.000 Walayar - Vadakkancherry of NH-47 in the State of Kerala, Under NHDP - II) on BOT (Toll) basis. The company achieved COD with effect from 31st October 2015.

The agreed enterprise value of Rs.511.78 Crores (excluding claims receivable from NHAI and other governmental instrumentalities) is comprising of debt of Rs 127.10 Crores and an equity valuation of Rs 384.68 Crores. Total pay-out of Rs 384.58 Crores to the Company is inclusive of (i) Rs 308.03 Crores which combines equity and repayment of unsecured loan (ii) Rs 14.90 Crores towards working capital pass through as and when realized (iii) Total hold back of Rs 61.75 crores to be released on achieving various milestones, comprising of (a) Rs 16 crores to be released on completion of pending Income Tax Assessment, (b) Rs 16 crores to be released on achievement of agreed traffic / revenue projections for the period upto July 2021, and (c) Rs 27 crores to be released on achievement of agreed traffic/revenue projections for the period from April 2021 till March 2023, (d) Rs 2.75 crores to be released on settlement of differential interest rate dues to Lenders and of outstanding Independent Engineer fees. In addition, it is also agreed that claims receivable from NHAI against the Arbitration Award of Rs 170.60 Crores shall be passed through to KNRCL as and when realised.

Mr K. Jalandhar Reddy, Executive Director Of KNR Construction said the company could successfully complete the 100% sale of KNR Walayar Tollways to cube Highways and Infrastructure III Pte ltd in line with the company's policy of making asset light by monetization of BOT/HAM/Annuity projects and thereby recycle/reinvest the amount unlocked by way of sale, in new HAM/Annuity projects and EPC business. The onslaught of COVID-19 did delay the completion and also the inflow of Toll collection. Though the Toll collection is slowly coming to pre covid-19 levels, it necessitated the restructuring of the transaction with the hold back of certain amounts to be released on achieving certain milestones.

The consortium of lenders to KNR Walayar Tollways Private Limited are Central Bank of India (Lead Member) and Canara Bank, Bank of Baroda and Bank of India and M/s Cyril Amarchand Mangaldas, New Delhi acted as the legal advisors to the company for the transaction.

Shares of KNR CONSTRUCTIONS LTD. was last trading in BSE at Rs.252.2 as compared to the previous close of Rs. 249.25. The total number of shares traded during the day was 4025 in over 215 trades.

The stock hit an intraday high of Rs. 252.2 and intraday low of 248.3. The net turnover during the day was Rs. 1005409.

Source: Equity Bulls

Click here to send ur comments or to

Amazon Great Indian Festival 2020 - Mobiles

Other Headlines:

D B Corp Ltd posts Rs. 28.41 crore consolidated PAT in Q2

Rajratan Global Wire Ltd Q2FY21 consolidated PAT at Rs. 13.54 crore

Alembic Pharmaceuticals announces USFDA Final Approval for Fenofibrate Capsules USP, 67 mg, 134 mg and 200 mg

TCS BaNCS Cloud Helps Myanmar-Based Insurer Accelerate Innovation and Enhance Customer Experience

UGRO Capital Limited allots 200 NCDs amounting to Rs. 20 crore

L&T Construction bags large contracts under its various business divisions

Lendlease GOES LIVE on Ramco Global Payroll

Steel Strips Wheels Ltd receives export orders of nearly 16,000 wheels

White Organic Agro Ltd to launch Immunity Booster 'ARHAM'

Lasa Supergenerics Ltd gets interim relief on Albendazole case

CRISIL Ltd Board declares Third Interim Dividend of Rs. 7

IndoStar Capital Finance appoints Deep Jaggi as Chief Business Officer

Brightcom becomes IAB Europe TCF Registered

Qualcomm and Jio Align Efforts on 5G

CRISIL Limited announces financial results for the third quarter ended September 30, 2020

Mastek arm receives $32.30 million on sale of stock in Majesco USA

Larsen & Toubro Infotech Ltd Board approves interim dividend of Rs. 15 for FY21

Larsen & Toubro Infotech Ltd Q2FY21 consolidated PAT climbs to Rs. 455.6 crore

Motherson Sumi Systems Ltd. signs strategic agreement to acquire Bombardier's Electrical Wiring Interconnection Systems business in Huehuetoca, Mexico

IRB InvIT Fund update on Surat Dahisar Project

JSW Ispat Special Products Ltd posts profit in Q2FY21 on exceptional items

Mahindra CIE Automotive Ltd Q3CY2020 consolidated net profit at Rs. 60.76 crore

The Bombay Dyeing and Manufacturing Company Ltd Q2 consolidated loss at Rs. 90.68 crore

Oriental Aromatics Ltd posts consolidated PAT of Rs. 33.24 crore in Q2

Indian Energy Exchange Ltd Q2FY21 consolidated PAT at Rs. 44.33 crore

Simplex Realty Ltd Q2FY21 loss at Rs. 0.51 crore

Muthoot Finance revamps its Corporate Website

Mphasis and R3 Partner to Develop a Blockchain-Based Payments and Financing Network for Global Supply Chains

Bank of Baroda, Toyota Kirloskar Motor Sign MoU for Customer, Dealer Finance

Sterlite Power secures INR 2070 crores funding from PFC for VNLTL project

Shiva Cement Ltd approves expansion project of Rs. 1530 crores

Moneyboxx Finance Ltd targets 2.5 fold jump in loan disbursement this fiscal

Punjab Alkalies and Chemicals Ltd reports Q2FY21 PAT of Rs. 3.41 crore

Hindustan Zinc Limited board approves interim dividend of Rs. 21.30

CARE Limited reaffirms ratings of Arman Financial Services Limited

Kopran Ltd board to announce Q2, H1 FY2021 results, interim dividend on Oct 28, 2020

Hindustan Zinc Ltd posts PAT of Rs. 1940 crores in Q2FY21

Cipla launches Nintib (Nintedanib capsules 100 mg, 150 mg) to treat Idiopathic Pulmonary Fibrosis

Maharashtra Scooters Ltd Q2FY21 PAT slumps to Rs. 1.91 crore

Hindustan Unilever Ltd Board approves interim dividend of Rs. 14

Granules India Ltd board approves 2nd interim dividend of Rs. 0.25 for FY2020-21

CCL Products India Ltd board declares interim dividend of Rs. 2 for FY2020-21

Seamec Ltd announces drydocking of Vessel - SEAMEC II

Indo Count launches value driven Home Textiles Brand Layers

Deepak Fertilisers and Petrochemicals Corporation Ltd allots rights shares

DCM Shriram Ltd Q2FY21 consolidated PAT up at Rs. 118.37 crore

Gujarat Ambuja Exports Ltd Q2FY21 consolidated net profit jumps to Rs. 72.80 crore

CCL Products India Ltd posts consolidated PAT of Rs. 47.46 crore in Q2

Hindustan Unilever Ltd Q2FY21 consolidated net profit rises to Rs. 1974 crore

Ramkrishna Forgings Ltd Q2FY21 consolidated PAT at Rs. 1.45 crore

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019